The following are the transactions for Weddings "R" Us during the month of May. The doubleentry system will be used.

Weddings "R" Us

Chart of Accounts

Balance Sheet Accounts Income Statement Accounts

Assets Income

110 Cash 410 Consulting Revenues

120 Accounts Receivable 420 Referral Revenues

130 Supplies

140 Prepaid Rent Expenses

150 Prepaid Insurance 510 Salaries Expense

160 Service Vehicle 520 Supplies Expense

165 Accumulated Depreciation 530 Rent Expense

170 Office Equipment 540 Insurance Expense

175 Accumulated Depreciation 550 Utilities Expense

Liabilities 560 Depreciation Expense - Service Vehicle

210 Notes Payable 570 Depreciation Expense - Office Equipment

220 Accounts Payable 580 Miscellaneous Expense

230 Salaries Payable 590 Interest Expense

240 Utilities Payable

250 Interest Payable

260 Unearned Referral Revenues

Owner's Equity

310 Perez-Manalo, Capital

320 Perez-Manalo, Withdrawals

330 Income Summary

May 1 Maria Concepcion Jennifer Perez-Manalo is a social entrepreneur from

the South. She is into a lot of interesting causes. Her fine taste is

preeminent such that she is considered an authority in planning

weddings. Upon the advice and prodding of an esteemed colleague,

Bendalyn Landicho, Perez-Manalo decided to organize her wedding

consultancy. She invested P250,000 into this entity.

1 Rented office space and paid two months' rent in advance, P8,000.

2 Maria Concepcion Jennifer Perez-Manalo issued a promissory note for a

P210,000 loan from Metrobank. This availment will be used for the

acquisition of a service vehicle. The note carries a 20% interest per

annum. The arrangement with the bank is that both the interest and the

principal are payable in full in one year.

2 Hired an office assistant and an account executive each with a P7,800

monthly salary. Or, each is to receive P300 per day for the 26-day work

month. No entry is necessary at this point. They started work

immediately.

4 Acquired service vehicle for P420,000.

4 Paid Prudential Guarantee and Assurance, Inc. P14,400 for a one-year

comprehensive insurance coverage on the service vehicle.

5 Acquired office equipment from Fair and Square Emporium for P60,000;

paying P15,000 in cash and the balance next month

8 Purchased supplies on credit for P18,000 from San Jose Merchandising.

9 Paid San Jose Merchandising P10,000 of the amount owed.

10 Coordinated and finalized simple bridal arrangements for three couples

and collected fees of P8,800 per couple. Services include prospecting

and selecting the church and reception location, couturier, caterer, car

service, flowers, souvenirs and invitations.

13 Paid salaries P6,600. The entity pays salaries every two Saturdays.

15 The entity is earning additional revenues by referring consulting clients

to friendly hotels, caterers, printers, and couturiers. Received P10,000

advance fees for three clients referred.

19 Coordinated and finalized elaborate bridal arrangements for three

couples and billed fees of P12,000 per couple. Additional services

include documents preparation, consultation with an feng shui expert as

to the ideal wedding date for prosperity and harmony, provision for

limousine service and honeymoon trip.

25 Perez-Manalo withdrew P14,000 for personal expenses.

27 Paid salaries, P7,200.

30 Received the ICC-BayanTel telephone bill, P1,400.

30 Received P24,000 from two clients for services billed last May 19.

31 Settled the electricity

Requirements :

-Chart of Accounts J

-Journal

-Ledger -Trial Balance